asked the Chancellor of the Exchequer if the Government have now decided whether or not to deposit currency reserves with the European monetary co-operation fund; and, if so, whether legislation is proposed for this purpose.

The position on the start of the new EMS arrangements is uncertain at the moment. When it is clearer I will announce the Government's decision on depositing reserves with the European Monetary Co-operation Fund. On the basis of the present proposed arrangements for the deposit of reserves and the issue of ECUs legislation would not be required.